- Sol’s $ 118 zone has defended a price decline several times since the beginning of March 2024
- Binance Koop Back Sol at the $ 118 zone after dumping for $ 135 can form the price of Solana Short -term
Since March 2024, the $ 118 prize level served as a vital limit that stopped Solanas [SOL] Price of more serious falling. The price position of $ 115.92 created conditions for SOL to make further price decreases, even though it is within the reach of this crucial zone.
However, previous attempts to stabilize the Sol prize around $ 110 and $ 100 could now enter. Especially since traders did not reclaim the support of $ 118 after Trump’s ‘Liberation Day’ rates.
At the time of writing, both the MACD line and the signal line under zero on -6.34 and -5.93 respectively remained. The potential formation of a Bearish crossover increased both selling forces that could implement more losses for the market.
Source: TradingView
However, the histogram was somewhat positive and indicated that the momentum loss could possibly delay. What this meant was that it could open opportunities for market stability or recovery.
As Sol $ 118, this can lead to a movement to the falling trendline that is approaching the $ 130 area. A price jump through this resistance zone can create Opwing Momentum to look for goals near $ 150 or higher.
In general, the Solana market has potentially potentially because $ 118 has remained uncertain. The response of this zone could determine the following move. If you hold underneath, it would signal more reasons, while reclaiming it could indicate a possible reversal.
How Binance’s Sol-BOOK-BACK could form future movements
A deeper look in the activities on the chain showed that Wintermute, Binance and Coinbase tactical tidy Multiple SOL positions.
They initiated a price increase at $ 135 and rinse Shorts positions on the peak by selling long positions until the price reached $ 120. This also led to liquidation of lungs under and around $ 120.
At the time of the press, Binance had initiated the Sol purchases via Winter Mute, as per Marty Parties’s Message on XAfter ending his previous transaction. This referred to how SOL’s prize trends could have been influenced by this transaction.
The return operation seemed to indicate a possible market floor to $ 118, one that could produce a positive market sentiment for a recovery to $ 135 or higher. However, only if bullish circumstances return. And that will start by recovering $ 115.
An insufficient level of market confidence can lead to a different price decrease, despite Binance’s purchase activities.
Daily Dex volume of top chains
It is worth indicating that Solana saw bullishness in other statistics. The figures of $ 2,417 billion in the daily DEX volume exceeded Ethereum’s volumes for $ 1,899 billion, BSC at $ 1,066 billion and at $ 973.44 million.
In the past month, more than $ 550 million has also been bridged from other chains to Solana, including more than $ 400 million from Ethereum to Solana alone. More than 1.15 million new tokens were also launched on Solana.
Source: Defillama
Conditions for increased DEX use, combined with multiple token creations, can send the price from Sol to $ 130, because it could address more users on the network.
However, profit operations, together with market movements, can lower the price of SOL to $ 100, since the market is adapting.